In the UK, Deutsche’s near-shore location is Birmingham. In the U.S., it’s Florida.

The German bank has been shunting sales jobs from London to Birmingham for at least three years. Something similar has been happening between New York City and Jacksonville.

Bloomberg has been busy checking out Deutsche’s Jacksonville campus. There, it found, ‘a young team recruited from universities such as Emory and Vanderbilt,’ which, ‘sells securities in tandem with their counterparts in New York. ‘

There’s a clear upside for Deutsche in having keen young people in Jacksonville instead of in its office at 60 Wall Street: real estate is cheaper and pay is lower. While this might not be such good news for the junior hires, who are earning around 30% less than they would be on Wall Street, the cost of living is correspondingly lower than in Manhattan and – as one Deutsche refugee from Wall Street points out – “the people [in Florida] are unusually nice.”

Separately, look at Gary Cohn go. As we pointed out at the time, Gary's decision to leave Goldman Sachs and join Donald Trump, thereby avoiding Goldman’s deferral rules and cashing in all his restricted stock and Goldman investments at contemporary (high) prices looked inspired. Bloomberg clarifies just how inspired: in joining Trump, Cohn has “unlocked” $284m in Goldman pay.

Meanwhile:

If Gary Cohn hadn’t left Goldman Sachs for Trump, that stock would have been locked up for years. (WSJ)